Simple question here. The NBA and NFL drafts are both held in the same location every year (Madison Square Garden for the NBA, Radio City Music Hall for the NFL). However, the NHL rotates from city to city, which was started in 1985.
Having attended the 2007 draft in Columbus, it's a massive event that can be of great benefit to the host city. In addition, it allows large numbers of fans who don't have the means to travel long distances to be able to see a unique event. With a draft being held in Chicago, for example, it would allow fans from Minnesota, Green Bay, and Indianapolis to have easy access to this event. One in Cleveland would allow Pittsburgh, Buffalo, and Detroit to make a short drive, and so on. Every NFL city with the exception of Green Bay also has an NBA/NHL arena within the city (and Green Bay is a short drive to Milwaukee, which does), any one of which would be able to hold between 15,000 and 20,000 fans instead of the current 5,000.
Here are the pros and cons as I see them.
PRO: It would allow hundreds of thousands of NFL fans the chance to see a unique event
PRO: It would become a coveted event for host cities, second only to the Super Bowl as far as NFL events go
PRO: It would provide a PR
benefit to the league by creating the perception of reaching out to fans rather than shrugging their collective shoulders
CON: It means that we wouldn't get to see a few hundred Jets fans booing their latest first-round disaster as soon as the pick is announced
Of course, I'd recommend that the NFL attempt to remedy one of the great mistakes of the lockout, which was by canceling the Hall of Fame Game and acting like it was no big deal. To atone, why not have the first draft outside New York City held in April in Canton? After that, start rotating among the NFL cities.